EOSBTC finds buyers at key support level
EOS/Bitcoin Index (EOSBTC) Technical Analysis Report for Nov 10, 2019 | by Techniquant Editorial Team
EOSBTC ended Sunday at 0.000396 flat. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (EOSBTC as at Nov 10, 2019):
Sunday's trading range has been BTC0.000018 (4.55%), that's slightly above the last trading month's daily average range of BTC0.000016. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for EOSBTC.
Four candlestick patterns are matching today's price action, the Gravestone Doji, the Northern Doji and the Shooting Star which are known as bearish patterns and one neutral pattern, the Doji. The last time a Shooting Star showed up on October 25th, EOSBTC lost -7.90% on the following trading day.
After trading down to 0.000393 earlier during the day, the market bounced off the key technical support level at 0.000395 (S1). The failure to close below the support could increase that levels significance as support going forward.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and might now be heading back down towards the mean of the Bollinger Bands at 0.000367.
While the cryptocurrency is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Trading close to September's high at 0.000413 we might see further upside momentum if potential buy stops at the level get activated.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Shooting Star" stand out. Its common bearish interpretation has been confirmed for EOS/BTC. Out of 11 times, EOSBTC closed lower 72.73% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after two trading days, showing a win rate of 72.73% with an average market move of -1.46%.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BCHUSD gaining 3.73% and EOSUSD closing 3.16% higher. On the flipside the worst performer has been XRPUSD closing -0.14% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been XLMUSD surging 8.52% and VETBTC closing 6.78% higher. The worst performers of the day have been KMDBTC tanking -9.82% and KMDUSD closing -7.06% lower. Read more